Greater Memphis Chamber

Diamond Young

Tennessee: The Emerging “It” State in Information Technology (IT) and Artificial Intelligence (AI)

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Tennessee: The Emerging “It” State in

 Information Technology (IT) and Artificial Intelligence (AI)

 

Overview

Tennessee is rapidly positioning itself as a leader in the IT and AI sectors, with significant investments from both private companies and state initiatives. The state’s strategic economic development efforts, world-class research institutions, and growing tech workforce make it an attractive destination for innovation in AI, data science, and technology-driven industries.

Key Economic Development Wins & Major Investments

Nashville & Middle Tennessee

  • Oracle’s Corporate Campus – $1.2 billion investment; 8,500 jobs expected by 2031.
  • Amazon Operations Center of Excellence – 5,000+ high-paying tech jobs.
  • Google’s Nashville Office – Expanding presence in AI and cloud services.

Memphis & West Tennessee

  • xAI’s Supercomputer Facility – One of the largest AI infrastructure projects in the world, creating over 300 high-paying jobs.
  • Blue Oval City (Ford & SK Innovation) – $5.6 billion investment in electric vehicle and battery manufacturing.

Chattanooga & East Tennessee

  • Gig City – Chattanooga – First U.S. city with 1-gigabit internet, attracting AI startups and tech companies.
  • Oak Ridge National Laboratory (Knoxville area) – A global leader in AI and quantum computing research.

Tech Workforce & Innovation Trends

Middle Tennessee Tech Job Growth – 51% increase from 2015 to 2020, outpacing national growth; projected 12% growth from 2020-2025.

AI Tennessee Initiative (University of Tennessee) – Research partnerships and workforce development to advance AI capabilities across industries.

Tennessee Tech University’s 2025 Plan – Goal of $40 million in sponsored research annually, including AI and technology innovation.

University of Memphis AI Research Investments – The university has committed $1 million to enhance AI academic and research capabilities, aligning with Memphis’ growing role in AI infrastructure, including xAI’s development. The AI GPU Cluster, funded by the National Science Foundation, expands research computing in the Delta Region. The Institute for Intelligent Systems (IIS) also drives AI research and workforce development through interdisciplinary studies.

Nashville’s Growing Tech Ecosystem

Notable Tech Startups in Nashville

  • Soundstripe – Provides royalty-free music, sound effects, and stock video for creators.
  • Possip – Educational tech platform enhancing communication between parents and schools.
  • Contessa Health – Delivers hospital-level care at home through an innovative risk-based model.
  • Medalogix – Uses predictive analytics to improve patient care in home health and hospice settings.
  • Instawork – A digital marketplace connecting businesses with hourly workers.
  • SecturaSOFT – Cloud-based software solutions for the metal fabrication industry.
  • ProviderTrust – Healthcare compliance monitoring solutions.
  • Lucent Health – Healthcare risk management and data-driven insights for employers.
  • Wealth Access – Digital wealth management platform for financial advisors and clients.

Established Tech Companies in Nashville

  • Asurion – Global leader in device insurance, warranty, and tech support services.
  • Change Healthcare – Offers software, analytics, and tech-driven healthcare solutions.
  • Metropolis Technologies – Uses computer vision and AI to improve urban mobility and parking solutions.

Tech Ecosystem & Startup Support in Tennessee

  • TechIntoNashville – A campaign highlighting the city’s growing tech scene and attracting talent.
  • Nashville Entrepreneur Center – Provides mentorship, funding, and resources for tech startups.
  • Launch Tennessee – A statewide public-private partnership supporting innovation and high-growth startups.
  • InvestTN Fund – $70 million equity investment fund supporting AI and tech startups.

 

Sources:

Oracle’s Corporate Campus in Nashville – https://en.wikipedia.org/wiki/Nashville,_Tennessee

Amazon Operations Center of Excellence – https://www.tn.gov/ecd.html

xAI’s Supercomputer Facility in Memphis – https://www.architecturaldigest.com/story/elon-musk-building-worlds-largest-supercomputer-memphis-some-locals-are-very-concerned

Blue Oval City (Ford & SK Innovation EV Project) – https://www.tn.gov/ecd.html

Chattanooga’s “Gig City” Initiative – https://epb.com/

Oak Ridge National Laboratory (AI & Quantum Research) – https://www.ornl.gov/

Middle Tennessee Tech Job Growth (2015-2025 Projections) – https://technologycouncil.com/2023/05/middle-tennessee-sees-double-digit-tech-job-growth-over-past-five-years-state-of-middle-tennessee-tech-2023-jobs-report/

AI Tennessee Initiative (University of Tennessee) – https://research.utk.edu/oried/research-innovation-initiatives/ai-tennessee-initiative/

Tennessee Tech University’s 2025 Research & Innovation Plan – https://www.tntech.edu/career/students/outcomes.php

University of Memphis AI Research Investments – https://www.memphis.edu/mediaroom/releases/2024/june/uofm-investment-to-enhance-further-enhance-technologly-innovation-ecosystem.php

AI GPU Cluster at UofM (NSF-Funded) – https://www.memphis.edu/research/impact/newsletter_2024/october24_stories/artificial_intelligence_gpu_cluster.php

Institute for Intelligent Systems (IIS) at UofM – https://www.memphis.edu/iis/

Soundstripe (Music Tech Startup) – https://builtin.com/articles/nashville-startups

Possip (EdTech Startup) – https://builtin.com/articles/nashville-startups

Contessa Health (Healthcare Tech) – https://builtin.com/articles/nashville-startups

Medalogix (AI in Healthcare) – https://builtin.com/articles/nashville-startups

Instawork (Digital Workforce Solutions) – https://builtin.com/articles/nashville-startups

SecturaSOFT (Manufacturing Tech) – https://builtin.com/articles/nashville-startups

ProviderTrust (Healthcare Compliance Tech) – https://builtin.com/articles/nashville-startups

Lucent Health (Healthcare Risk Management Tech) – https://builtin.com/articles/nashville-startups

Wealth Access (FinTech) – https://builtin.com/articles/nashville-startups

Asurion (Device Insurance & Tech Support) – https://en.wikipedia.org/wiki/Asurion

Change Healthcare (Healthcare IT & Analytics) – https://www.outsourceaccelerator.com/guide/tech-companies-in-nashville-tennessee/

Zeta Global (AI-Powered Marketing Cloud) – https://builtin.com/companies/location/nashville

Motive (AI & IoT in Logistics and Workforce Management) – https://builtin.com/companies/location/nashville

Metropolis Technologies (Computer Vision & AI in Mobility Solutions) – https://en.wikipedia.org/wiki/Metropolis_Technologies

TechIntoNashville Initiative – https://techintonashville.com/

Nashville Entrepreneur Center – https://www.ec.co/

Launch Tennessee (Statewide Tech & Startup Support) – https://launchtn.org/

InvestTN Fund ($70 Million for AI & Tech Startups) – https://investtn.org/portfolio/

Meet the Chairman’s Circle: Chris Bird, Chairman, The Dillard Companies

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Back in the day when matchbooks were popular, Chris Bird used a rubber stamp to imprint his contact information on them to promote his lawn-mowing business. Before that, he operated a drink stand by the neighborhood tennis court. And in college, he started a company with the lofty name of 1520 Enterprises Unlimited to loan money to fellow students who had a short-term need, similar to today’s payday and title loan businesses.

“When I was in grade school, there was always a candy sale at school or for the baseball team,” Chris said. “I was always the top seller because I would invest in some product myself and use it as free samples. People couldn’t say no to a kid giving away free candy.”

In other words, Chris Bird has always been interested in business, sales and marketing.

He was born in Port Arthur, Texas, and grew up in Dallas. Chris moved to Memphis in 1986 after graduating from UT Knoxville with a bachelor’s degree in engineering and philosophy.

After college, he passed the life insurance licensing exam then started a series of very different businesses: software design and consulting; buying, improving, developing and selling real property; and architectural consulting, with major projects that included Peabody Place, Target House and FedExForum.

 

Then, after a chance meeting between Chris Bird and John Dillard Jr. at Memphis Rotary in 2000, the two agreed that Chris would buy Dillard Door and Specialty Company from the retiring Dillard. Chris took $75,000 in savings and a personal note from Dillard to capitalize the new company.

At the time, the company had 12 employees and about $2 million in revenue. Chris became president of the company, which provides commercial perimeter security products and services. In just five years, Chris had grown the company, which he renamed Dillard Door and Security, to 50 employees and $6 million in revenue. Today Dillard Companies has more than $25 million in revenue and more than 120 employees in Memphis and Florida, where high-dollar mansion owners are big customers of the overhead doors Dillard sells. Since then, spin-offs of strong pieces of the business and acquisitions have continued to shape the business that years ago installed the gates at Graceland.

In 2019, Chris was inducted into the Society of Entrepreneurs. Today he serves on that board and is active in other organizations including Regional One Health Foundation, Calvary Episcopal Church, Door and Hardware Institute, Construction Specifications Institute, Morrison Architectural Scholarship Fund at the UofM, Memphis Heritage, NFIB

State Leadership Council and Crime Stoppers. He also remains active in Memphis Rotary, where that chance meeting with John Dillard Jr. started it all.

Chris and Dillard Companies are also Chairman’s Circle investors. “Being part of the Chairman’s Circle offers us invaluable opportunities including direct involvement in key task forces and committees shaping Memphis’ economic future,” he said. “We benefit from exclusive access to meetings with political influencers and private events, as well as concierge access to expert teams in economic development and governmental affairs. This significantly enhances our growth and visibility. Overall, the Chairman’s Circle provides a platform for strategic networking, influence and long-term success. And it’s fun, too!”

Chris and his wife Helen have three children. He enjoys hunting, wine, gourmet cooking, UT sports, Grizzlies basketball, Redbirds baseball, travel and music.

Greater Memphis Chamber Members To Receive Exclusive Discounts on Cigna Healthcare Plans

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MEMPHIS, TN. Tuesday, January 7, 2024 – Chamber Benefits, Inc. (CBI), a subsidiary of The Greater Memphis Chamber, announced today that the Chamber has teamed up with Cigna Healthcare to offer health plans designed to improve health and help lower costs for area businesses. CBI was created to provide member businesses with high-quality and affordable solutions on essential business expenditures.

Qualifying Greater Memphis Chamber member companies can receive an exclusive 2% discount on Cigna Healthcare’s level-funded health plans. These plans offer the advantages of self-funding and financial predictability.

“In the fast-paced business landscape of today, employee well-being is vital to your business’s success,” stated Ted Townsend, President & CEO of the Greater Memphis Chamber. “Our partnership with Cigna Healthcare aims to offer affordable health plans tailored for companies of all sizes, and we are particularly proud to extend these savings to small businesses.” Over 90% of the Chamber’s membership is classified as small business.

“We are pleased to team up with the Chamber and CBI to provide affordable health benefits plans to help improve health and vitality for Memphis companies, their employees, and families,” said John Webb, Cigna Healthcare TriSouth president. “Our personalized products and solutions lead to more predictable costs, and we know that a healthier, stronger, and more productive workforce is essential for business success.”

Cigna Healthcare plans designed for small to mid-sized businesses are fully integrated, with medical, behavioral, and pharmacy benefits included. These plans feature local and national network options, offering flexibility to fit a small business’s specific needs. Cigna Healthcare’s robust network of doctors, specialists, and hospitals includes 98% of all practicing physicians in the Memphis metro area, including independent physicians as well as physicians employed by
Methodist Le Bonheur Healthcare, Baptist Memorial Health Care, St. Francis Healthcare, and Regional One Health.

For Chamber member companies looking for traditional insurance, Cigna Healthcare offers fully insured small group health plans designed for businesses with at least one qualified full-time (or full-time equivalent) employee other than the business owner or spouse.

Companies, including non-members of the Chamber, interested in participating in the Chamber’s
Cigna Healthcare Plan should contact their local insurance broker or visit our website (CLICK HERE).

“CBI is pleased to provide these resources to businesses in the Greater Memphis region while also supporting the work of the Chamber,” said CBI President Rob Recker. “Every day, we search for products that can make a business greater and help with its bottom line. We are pleased to offer this new cost-saving benefit from Cigna Healthcare and continue to grow our
local economy.”

About The Greater Memphis Chamber
One of Memphis’ oldest institutions, dating back to 1838, the Greater Memphis Chamber is a privately funded nonprofit that serves as the region’s lead economic development organization and the “Voice of Memphis Business” on local, state, and national issues. The Chamber’s mission is to drive the Memphis business agenda for Greater Memphis. We do this by relentlessly pursuing prosperity for all — through economic and workforce development, pro-growth advocacy, and by providing support and resources to its investors, which include many of the region’s largest employers. For additional information, please visit www.memphischamber.com

Charles Elliott: A Legacy Rooted in Memphis, Leading Blue Suede Networks into the Future

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For Chairman’s Circle investor Charles Elliott, the path from Memphis’s historic Klondike neighborhood to the helm of Blue Suede Networks has been one shaped by resilience, purpose and deep community ties. “I was born in Memphis, raised in Klondike,” Elliott says with pride. He’s a graduate of Central High School, a community cornerstone where he began to understand both the challenges and opportunities that come with growing up in Memphis.

Elliott went on to earn a BA in applied physics from Morehouse College and later an MBA from Clark Atlanta University. But he didn’t stop there. His appetite for knowledge led him to complete the Minority Enterprise Business program at Tuck School of Business at Dartmouth College and to the cusp of earning a Master of Divinity from Memphis Theological Seminary.

“I’m an inveterate learner,” he reflects, his journey marked by a commitment to education and growth.

His earliest years were spent in Frayser, a community that helped spark his aspirations. Through initiatives like the CLUE program and INROADS, Elliott found inspiration and the tools to shape a meaningful career. “INROADS changed everything for me,” he recalls, describing his first job with BellSouth, a role that introduced him to technology and financial independence. “I earned more money in one summer than my mother—a dedicated social worker—earned in a year. It showed me technology was not only a path for me, but also a way to build the life I wanted for my future family.”

Elliott’s career has been both impactful and varied. Before joining Blue Suede Networks as CEO in 2023, he held roles as

managing principal of National Infrastructure Group, vice president of information technology and administrative services at LeMoyne-Owen College and director of service operations at Memphis Networx. Now, leading Blue Suede Networks, Elliott is focused on one of the city’s most ambitious digital projects yet: creating a connected Memphis.

“Memphis is at an inflection point,” he shares with a tone of optimism. “We’re seeing companies think of Memphis differently, and they’re choosing to invest here—not just in our economy, but in our people.” For Elliott, the potential for digital infrastructure is tied directly to economic growth. “Data from the Federal Reserve, Deloitte, and the World Bank shows that a 10 percent increase in broadband penetration can drive up to 1.5 percent GDP growth and increase jobs by 20 percent.”

Blue Suede Networks’ goal? To help Memphis become a national leader in digital inclusion and opportunity. With one of the city’s largest private investments to date, they’re

partnering with the City of Memphis to pass fiber infrastructure to at least 85 percent of all business and residential properties, ensuring low-income communities are equally served.

“We’re a Memphis-based company through and through,” Elliott said, emphasizing that the company is not only building infrastructure, but also nurturing local partnerships. In collaboration with the Mid-South Minority Business Council Continuum, the Black Business Association of Memphis, Allworld, ProTec and the Greater Memphis Chamber, Blue Suede Networks has established relationships with Memphis-based MWBE businesses, guaranteeing their involvement in the fiber project.

The work is complex, requiring tenacity, but Elliott finds purpose in its challenges. Outside his role as CEO, he has served as pastor at Golden United Methodist Church for nearly two decades. “Building this network and shepherding my congregation are two sides of the same coin,” he said. “It’s all about service to others and creating a stronger, more connected Memphis.”

Yet for Elliott, family remains at the heart of everything he does. “My greatest joy is my family,” he said, reflecting on his 28 years of marriage to Tammy, four children and the support they provide. They are, as he puts it, “the reason I do what I do.”

In every role he’s held, in every community he’s served, Elliott’s mission is clear: a connected Memphis, built on opportunity, inclusion and hope for the future.

Meet the Chairman’s Circle: Ashley McDurmon

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In June, Orion Federal Credit Union announced that Ashley McDurmon would become its president and CEO on Jan. 1, following the retirement of Daniel Weickenand. Ashley has 20 years of financial services experience and has been Orion’s EVP and CFO since 2019. Before joining Orion, she was a partner at HORNE LLP, where she led the financial institutions practices group and was one of the youngest female partners in the company’s history.

Ashley earned her accounting degree from Freed Hardeman University and is a graduate of the Southeastern School of Banking. She is a Certified Public Accountant and a member of the American Institute of Public Accountants, and serves on the board and as treasurer of the Overton Park Shell and on the Memphis Symphony Orchestra’s Circle of Friends.

Throughout her career, Ashley has developed a deep passion for community-based financial institutions and the critical economic role they serve in neighborhoods. “Banking institutions are the hub of economic activity and development in our communities. What a gift it is to lead Orion, a customer-owned financial institution that is uniquely positioned to serve individuals, families and businesses as they realize their biggest financial goals and life dreams,” she said.

We asked Ashley to share her story. This is what she told us:

Where did you grow up?
I grew up in the tiny rural town of Lexington, in West Tennessee, with my two sisters. While the rest of my family still calls Lexington home, I decided to explore beyond our roots! My mom worked as a banker, so I spent countless afternoons in the back office of the bank, learning the world of finance. That early exposure made me feel right at home in the banking industry. I was always intrigued to see how banking connects businesses, consumers and the government, creating a vibrant community. At Orion, I see us as the economic engine driving growth, collaboration and a sense of belonging across our city.

When did you move to Memphis?

I became a proud Memphian in 2019 when I joined the Orion executive team as EVP and CFO. From day one, I immediately fell in love with Memphis. This city is bursting with heritage, soul and an incredible spirit.

What was your early career path?

After graduating from Freed Hardeman University in 2004 with a degree in accounting, I jumped into my career at HORNE LLP as an associate in their banking practice. Over the

next 15 years, I had the privilege of working with banks and credit unions across the Southeast. I was admitted to the partnership at HORNE in January 2014 and led HORNE’s financial institutions practice from 2016 to 2019.  Through my years in public accounting, I also was able to lead some of HORNE’s most strategic culture initiatives including sponsorship and advocacy. It was through this initiative that I developed a passion for mentoring and supporting women in business. I also started the feedback movement at HORNE, an intentional program designed to grow and develop talent by understanding how to effectively give and receive feedback.

What can you tell us about Orion?

At Orion, we’re all about growth, development and giving back to our Memphis community. With 10 branches and more than 200 local employees in the Memphis metro area, we truly embody the idea that “a better Memphis is a better Orion.” Our executive team and board are deeply committed to partnering with local businesses, charities and schools, making a direct impact in the neighborhoods where we live, work and play. Orion has customers in all 50 states. While we do not have brick and mortar branches on a national scale, we have the ability to do business nationally.

What can you share about Orion’s commitment to Memphis?

As an organization, we are deeply committed to advancing Memphis specifically by investing in the financial well-being of its residents and businesses. Through affordable loans, financial literacy tools and personalized services, we empower individuals and families to achieve their financial goals. Through partnerships with local organizations, we continue to support economic development and community revitalization.

What excites you about Memphis?

What excites me most about Memphis is its commitment to innovation and revitalization. The energy around local initiatives and small businesses is inspiring, and I’m proud to be part of a community that’s dedicated to making Memphis a better place for everyone.

What would you like to share about your family?

The powerful and successful Dolly Parton once said, “Never get so busy making a living that you forget to make a life,” and that resonates with me deeply. I have the most supportive family that motivates me and inspires me each and every day. You will often find me hanging out or “making a life” with my husband Lon and our two daughters, Bella and Lily. We love to cook, cheer on the Grizzlies and travel in our spare time. My family is a big part of who I am. I have a wonderful husband and two daughters who inspire me every day. Balancing my career and family has taught me so much personally and professionally.

What’s your favorite way to unwind?

My husband and I love to travel, so most days you will find me exploring a new city or making plans to explore something new. I also enjoy tennis, walks on a sunny fall day and quality time with my family to keep me grounded and recharged. In my free time, I enjoy

traveling, trying to play tennis and spending time with my loved ones. Quality time with my friends and family keeps me grounded and recharged.

Where’s your favorite place to go on vacation?

My favorite vacation spot is Paris, France. I love the city’s rich history, stunning architecture, food and culture. The city has become a favorite of my family because there is so much to see and do!

AAON Announces Expansion Plans to Increase Production Capacity With New Facility In Memphis, Tennessee

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TULSA, OK, November 14, 2024 – AAON, Inc. (NASDAQ:  AAON) (including its affiliates, “AAON” or the “Company”), a leader in high-performing, energy-efficient HVAC solutions that bring long-term value to customers and owners, is pleased to announce the expansion of the Company’s production capacity with the purchase of a new 787,000 square foot facility in Memphis, Tennessee. This facility will primarily facilitate the growing demand from the data center market and is projected to create 828 skilled jobs at this location over the next five years of operation. The expansion will also add geographic diversification to AAON’s current manufacturing footprint, mitigating certain operational risks and better serving our data center customers.

This facility will manufacture various types of thermal management equipment for data centers under the BASX brand, including air-cooled systems, computer room air handlers (CRAHs), direct evaporative coolers, and liquid cooling distribution units (CDUs), both liquid-to-liquid and liquid-to-air. The facility is expected to have limited production in early 2025 and be fully operational in approximately 12 months.

“The expansion of our production capacity through the purchase of this new facility marks a new chapter for AAON,” said Gary Fields, AAON CEO, “Not only will this allow us to continue to capitalize on the rapidly growing data center market, it demonstrates the commitment we have to our data center customers and the confidence we have in the vertical strategy of this market. At the same time, we are thrilled to bring new jobs and investment to the Memphis community and look forward to seeing the positive impact it will have on both our company and the local economy.”

“After a rigorous due diligence process that included an intricate site search and detailed analysis of costs, risks, and return on investment, we are thrilled to announce the purchase of this new facility,” said Matt Tobolski, AAON President, and COO, “This new capacity will ensure we are able to meet the growing demands from our data center customers, while also generating compelling returns on invested capital for our shareholders. To date, AAON has successfully supplied the highest performing, most efficient thermal management solutions to this end-market, and we look forward to continued success in the future.”

AAON leadership extends appreciation to the State of Tennessee, the City of Memphis, the Greater Memphis Chamber, and Memphis & Shelby County EDGE. These impressive organizations, with top-notch teams and competitive programs, were helpful in our decision and we look forward to collaborative partnerships.

“Building a robust recruitment pipeline requires strong relationships with both industry leaders and our economic development partners,” said City of Memphis Mayor Paul Young, “Welcoming AAON to Memphis represents a significant step toward making our market even more competitive on a national level. With AAON’s commitment, we are enhancing our local economy and elevating Memphis as a destination for high-quality jobs and sustainable industry growth.”

“Memphis is gaining recognition for its speed and agility in attracting businesses. Paired with our diverse workforce and manufacturing talent, Memphis is America’s newest high-tech hub—the Digital Delta,” said Ted Townsend, President & CEO of the Greater Memphis Chamber, “AAON embodies a new chapter for Memphis. As a dynamic, high job-creation company with a focus on data centers, we are proud to welcome them to the Digital Delta.”

“Memphis continues to prove itself as a vibrant hub for economic growth and opportunity,” said Dr. Joann Massey, EDGE President, and CEO, “We are committed to welcoming innovative companies, like AAON, that invest in our community and support the creation of new jobs, further strengthening the city’s position as a key player in the manufacturing and industrial sectors.”

AAON was represented in their site selection and real estate negotiations by John Beach and Susan Arledge, SIOR with Newmark, a global real estate service provider to large global corporations and other occupiers of commercial real estate.

Through the dedication of our people, we push the industry forward with innovative air solutions and pave the way for a better tomorrow. Together, we’re making a difference. For Memphis job and career inquiries, email

HelloMemphis@AAON.com.

About AAON

Founded in 1988, AAON is a world leader in HVAC solutions for commercial and industrial indoor environments. The Company’s industry-leading approach to designing and manufacturing highly configurable equipment to meet exact needs creates a premier ownership experience with greater efficiency, performance and long-term value. AAON is headquartered in Tulsa, Oklahoma, where its world-class innovation center and testing lab allows AAON engineers to continuously push boundaries and advance the industry. For more information, please visit www.AAON.com.

About BASX

BASX, a wholly owned subsidiary of AAON, is an industry leader in the manufacturing of high-efficiency data center cooling solutions, cleanroom systems, custom HVAC systems, and modular solutions. For the past 40 years, the BASX team has been recognized as leaders in the development of industry-changing innovation such as changes in the way fans are applied in modern air handling systems. Our team has a steadfast commitment to customer service and delivering on our promises while providing the highest quality products throughout the world. BASX’s state-of-the-art manufacturing facility is located in Redmond, Oregon.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “should”, “will”, and variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions, which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligations to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that could cause results to differ materially from those in the forward-looking statements include (1) the timing and extent of changes in raw material and component prices, (2) the effects of fluctuations in the commercial/industrial new construction market, (3) the timing and extent of changes in interest rates, as well as other competitive factors during the year, and (4) general economic, market or business conditions.

 

Contact Information

Joseph Mondillo

Director of Investor Relations

Phone (617) 877-6346

Email: joseph.mondillo@aaon.com

Get to know the Chairman’s Circle: Jason Neal

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Any time the Grizzlies play the Lakers at FedEx Forum, Grizzlies fans are reminded of the loyalty of Lakers fans when the purple and gold Lakers colors seem to be on jerseys and T-shirts throughout the arena. Jason Neal used to be a Lakers fan. But he’s now a Grizzlies fan. That alone is a win for Memphis. Even more important than that is the power equipment manufacturing facility in Memphis under the leadership of Jason Neal. Jason is president of Hyosung HICO and senior EVP of HICO America. HICO is a top supplier of power transformers and shunt reactors, high-voltage and medium-voltage switchgear, FACTS solutions and battery energy storage across the country. Jason was born and raised in Pittsburgh. He joined HICO in 2001 and became president of the Memphis transformer manufacturing operation in October 2022. He still leads the business side of HICO from the company’s office in Pittsburgh, so he splits his time between there and Memphis. “I spend significant time in Memphis and have grown to appreciate the area and the people from Memphis as well!” he said. “You notice the hospitality of Memphians right away, from the airport and even the rental car agencies to the hotels and restaurants. At every stage you are made to feel welcome. I am still learning about Memphis barbecue, sampling many of the restaurants and learning everyone’s favorite spots. And while I grew up as a showtime Lakers fan in the 1980s, I quickly changed my allegiance to the Grizzlies!” Before joining HICO, Jason worked in corporate engineering for the Bayer Corporation and as an M&A consultant for IBM. Early in his career at HICO, he worked in sales and marketing. “Like Bayer, IBM was a great experience,” said Jason. “I learned about the opportunity at HICO, the opportunity to join the launch of the North American arm of a successful global company in Hyosung Heavy Industries. I became one of its first employees in the U.S. It was very exciting to enter our company at that time.” Jason was a very good student. He earned his bachelor’s degree summa cum laude – the highest level of honor – in engineering physics from John Carroll University, specializing in electrical engineering through cross studies at Case Western Reserve University. He also earned a master’s in electrical engineering from Penn State University. HICO is a leader as a domestic producer of large power transformers, and Jason has been a key part of expanding HICO’s presence in North America. HICO has more than 400 employees in Memphis and more than 120 employees in Pittsburgh, in addition to employees across the U.S. and Canada. HICO is working to expand its capacity in Memphis and plans to manufacture other solutions the company offers. So why did a company with a world-class facility in South Korea choose to build a manufacturing facility in Memphis? “Many of us at HICO have been at our company a long time, and it was a key vision to establish a manufacturing operation in the U.S.,” said Jason. “For many years we imported equipment and solutions from South Korea. That is a world-class facility, but our partners in the U.S. wanted operations in America. In 2017 we decided to build a factory in the U.S., and a facility in Memphis became available. We acquired it on Valentine’s Day 2020. It was a milestone for our business in the U.S., truly a dream come true for all of us. “Memphis is a perfect location, central to our customers across the U.S. The rail and over-the-road access to transportation in Memphis is unmatched. But most of all we are blessed with the talented employees we have at our plant, the leaders and managers we have in Memphis, the quality of the work of our team and the products we produce day after day.” The company doesn’t just manufacture in Memphis – employees are also active supporters of the community. Hyosong HICO supports the St. Jude Memphis Marathon and Concord Academy. The company works with the Chamber to engage with schools, including hosting a Manufacturing Day at the plant earlier this month. They hire interns from colleges in Memphis and across the country. What excites Jason most about Memphis? “It’s a great location for our business, but most importantly, it is the people in Memphis. The quality of the education and the welcoming atmosphere in the community translate into our operation in Memphis. We have grown from 120 employees to more than 400 today, with plans to expand to more than 600 in the coming years. HICO is a great atmosphere to learn and work. We have a solid business model that gives all employees a voice to contribute to the direction of our company. We share together in our successes, and we face challenges together and overcome them. “It is also organizations like the Greater Memphis Chamber and the Chairman’s Circle in particular that give our company the opportunity to contribute to growth in Memphis. Our acquisition of the Memphis plant remains the single most important decision our company has made in the U.S. Our growth in Memphis is contributing to the success and expansion not only of our company, but also the industry overall.” Jason and his wife Melanie just celebrated their 25th anniversary. They have two children, Sarah and Samuel, who both attend the University of Dayton. Jason’s parents instilled a strong work ethic, and “the example of their relationship influenced my life in many ways. My father spent his entire career in the utility industry. When I entered college, I saw the utility industry as a little static, maybe not as exciting…. But I was wrong! My decision to join this industry in 2001 was the best decision I made. We have become the ‘cool industry.’ We are at the forefront of technology development.” Jason enjoys golf, vacationing near the ocean with his family and playing basketball and sand volleyball. Because of all the time spent watching with his kids, he can spout lots of quotes from the movie Cars. But his favorite movie is Shawshank Redemption, because he said it shows the importance of relationships and the ability to work together to overcome obstacles. Asked if he had anything else to add, he said, “We’ve been a proud member of the Chairman’s Circle since 2022. We look forward to more opportunities to support the Chamber and to engage with other companies in the area. We are especially proud to be here in Memphis!”

Outside the Office: Bill Seely

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Bill Seely is the president of Varsity Spirit, the global leader in cheerleading, dance team and band apparel, camps, competitions and yearbook. This year he was named the first Corporate Champion of St. Jude Memphis Marathon Weekend. As Corporate Champion, Bill is encouraging other business leaders to support St. Jude Children’s Research Hospital by forming corporate teams to raise money and participate in the weekend’s marathon, half marathon, 10K, 5K or 2-Race Challenge. In addition to raising money for St. Jude, marathon weekend contributes to the local economy and generated $43 million for Memphis’s retail, transportation and hospitality industries in 2023. The St. Jude Memphis Marathon is the largest single-day fundraiser for St. Jude. This year’s marathon will be Dec. 7 and is expected to bring 22,000 runners and walkers to Memphis, along with thousands of volunteers and spectators from around the globe. This year’s goal is to raise $16 million during the marathon weekend. The St. Jude Memphis Marathon was named one of the top 30 races in the country by Running USA, the only ranked race that allows runners to raise money for a single charity. “It’s the most iconic event you can experience as a Memphian,” said Bill. “We put on a great show. We bring in 20,000-plus runners, plus lots of friends, family members and volunteers. They get to experience downtown. They get to experience Beale Street. They get to experience Memphis. Plus we get to save kids’ lives. That’s pretty amazing.” Now in its 23rd year, the event has raised more than $140 million and, in 2023 alone, engaged participants from all 50 states and more than 75 countries. We talked with Bill about why he invests his time outside the office to support this event: What is the project/organization you are involved with, and what is your role? This year, I have the honor of being named the first-ever Corporate Champion of St. Jude Memphis Marathon Weekend. As Corporate Champion, I will be engaging business leaders to become sponsors, start corporate fundraising teams, and bring in new donors to support St. Jude’s lifesaving mission. I will be encouraging fellow business leaders across the country, including our competitors, to create corporate fundraising teams leading up to race weekend. Why is this worthy of your time? As Corporate Champion for St. Jude Memphis Marathon Weekend, I am honored to lead the charge to raise funds and awareness for the kids and families at St. Jude. Supporting St. Jude has always been my passion, and I’m elated to expand our impact by uniting more business leaders behind this mission. What is the mission of the organization or project? St. Jude Children’s Research Hospital, known for its pioneering research and treatments, aims to raise $16 million during the 2024 marathon weekend. What is your history with this organization? I have long supported St. Jude individually as a St. Jude Hero and through Varsity Brands programs such as Team Up for St. Jude and Spirited by Varsity. Why is this project or the work of this organization important to our community? In addition to raising funds for St. Jude, marathon weekend has generated millions for the Greater Memphis economy. What is your goal with this involvement? Since 2011, Varsity Brands has been all-in on supporting St. Jude Children’s Research Hospital’s incredible mission of treating and defeating childhood cancer and other life-threatening diseases. Thanks to our collective efforts, we’ve raised more than $13 million (and counting!) to help ensure that families never receive a bill from St. Jude for treatment, travel, housing or food. Are you involved with other community organizations? What is your role with those organizations? In addition to my role as president of Varsity Spirit, I also founded Crosscheck Athletics, one of the largest nonprofit youth sports organizations in the greater Memphis area. I chair the board of the Leadership Empowerment Center in Frayser, sit on the board of Memphis Gridiron Ministries in Binghamton, serve on the board of governors for New Memphis and am in the process of launching a nonprofit specifically designed to drive youth engagement in Memphis.   If you’re interested in sharing the story about your community involvement outside the office in the Chairman’s Circle newsletter, email Lisa Lovell.